The German sandal maker made its NYSE debut Wed. with its IPO at $46 per share, coming in at the lower end of its $44-$49 range announced in its prospectus earlier this month, but shares declined sharply in early trading and closed off nearly 13% at $40.06. The IPO price implied a market cap of about $8.64 billion on its 187.8 million ordinary shares, a sum that launched BIRK into sixth place among footwear companies, trailing Li Ning, ($12.1 billion), Deckers ($13.3 billion), Anta ($32.1 billion), Adidas ($32.3 billion), and of ... Log in to view full article.